Summary Plan Description Checklist For Thrift Savings Plan
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How to fill out Summary Plan Description Checklist For Thrift Savings Plan?
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FAQ
How Much Should You Invest in a TSP Account? We recommend investing 15% of your income for retirement. When you contribute 15% consistently, you set yourself up to have options when you retire.
If you want your TSP balance to be able to generate an inflation-indexed annual income of $ 10,000, most financial planners will suggest that you have a $ 250,000 balance by the time you retire.
Tax Reporting We report all TSP distributions to the IRS, the appropriate state tax agencies if applicable, and to you on IRS Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.
If you want to avoid paying taxes on the money in your TSP account for as long as possible, do not to take any withdrawals until the IRS requires you to do so. By law, you are required to take required minimum distributions (RMDs) beginning the year you turn 72.
Go to myPay and log in.Under the PAY CHANGES heading, select the Thrift Savings Plan (TSP) link.Select the yellow pencil icon to make a change to your TSP contribution.In the resulting pop up window, enter the changes you want to make.Select the Continue button to move to the Review stage.More items...